• Dr. Bhika. Lala. Jadhav

In the much acclaimed and debated globalisation process, FDI plays a key role in terms of financing, transferring of knowledge, skills and technology among the countries. In India the economic reforms have been initiated for the growth and opening up of the financial sector. Insurance and banking are the main components of finance sector. In India the reforms in insurance sector started in the year 2000 with the implementation of recommendations made by the Malhotra Committee. Indian insurance sector was opened up for private companies in the year 2000 with the enactment of IRDA Act. The Insurance Law (Amendment) Bill 2015 was passed in Loksabha on 4th March, 2015 subsequently in Rajya Sabha on 12th March 2015. The aim of this bill was improvements and revisions in the present laws relating to insurance business in India. The Indian government approved to enhance the FDI capital from 26% to 49% to meet the capital requirement of private insurance companies. In the last seventeen to eighteen years of age of the insurance sector has moved forward on multiple fronts. Today, Insurance industry is facing with multiple challenges. In the present scenario an attempt has been made to study the significance of FDI in socio-economic conditions as well as the challenges and prospects of insurance industries during the post reforms period. It was found that liberalisation in insurance sector has brought many positive changes in the industry. It is demanded to strengthen Customers Social Responsibility and Governance principles for sustainable growth in the industry.

FDI, Liberalisation, Insurance sector, Indian government

"IMPACT OF FOREIGN DIRECT INVESTMENT ON INSURANCE INDUSTRY IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.5, Issue 5, page no.68-72, May-2018, Available :http://www.jetir.org/papers/JETIR1805441.pdf

"IMPACT OF FOREIGN DIRECT INVESTMENT ON INSURANCE INDUSTRY IN INDIA", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.5, Issue 5, page no. pp68-72, May-2018, Available at : http://www.jetir.org/papers/JETIR1805441.pdf